# Investment Decomposition: Z -> Investment Components

| Model | Dep Var | N | Countries | R2 |
|---|---|---|---|---|
| Z -> gross investment | gross_investment_gdp | 4,732 | 159 | 0.097 |
| Z -> fixed investment | gross_fixed_investment_gdp | 4,575 | 155 | 0.074 |
| Z -> inventory investment | inventory_investment_gdp | 4,531 | 154 | 0.015 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| Z -> gross investment | Z_1 | 32.1768 | 12.2145 | 0.0085 | *** |
| Z -> gross investment | Z_2 | -3.6896 | 1.8281 | 0.0436 | ** |
| Z -> gross investment | Z_3 | 0.1175 | 0.0742 | 0.1135 |  |
| Z -> fixed investment | Z_1 | 34.8721 | 11.7083 | 0.0029 | *** |
| Z -> fixed investment | Z_2 | -4.1598 | 1.7512 | 0.0176 | ** |
| Z -> fixed investment | Z_3 | 0.1381 | 0.0711 | 0.0520 | * |
| Z -> inventory investment | Z_1 | -1.2577 | 4.8403 | 0.7950 |  |
| Z -> inventory investment | Z_2 | 0.3299 | 0.7245 | 0.6489 |  |
| Z -> inventory investment | Z_3 | -0.0172 | 0.0294 | 0.5573 |  |

*Investment decomposition: gross, fixed, and inventory (residual).*